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Activist investor Starboard Value has taken a stake in UK-based biotech firm Abcam plc (NASDAQ:ABCM).
Starboard Value, led by Jeff Smith, took a stake of about 2% in Abcam (ABCM), according to a Sunday Times report.
The disclosure comes as Jonathan Milner, founder of Abcam (ABCM) and a former director of the company with a 6.3% stake in the biotech firm, last month said he plans to call for an extraordinary general meeting to try to win election to the board as executive chairman.
Milner is also calling for three of Abcam’s board members to be ousted in a letter to investors expected to be published on Sunday, according to the Times report on Saturday.
An Abcam (ABCM) spokesman reiterated to the Sunday Times that the company offered a board seat to Milner.
“We have worked tirelessly and constructively with Dr. Milner, including offering him a seat on the board,'” the Abcam spokesman told the paper. “He wants to regain control of a company he has not been an executive director of for nine years.”
Starboard Value, known as one of the biggest activist investors in the U.S., has taken stakes in Salesforce (CRM), Splunk (SPLK) and Wix.com (WIX) in the past year.
